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On 1 September 2016 Withy King LLP merged with Royds LLP. The trading name for the merged firm is Royds Withy King. All content produced prior to this date will remain in the name of the firms pre-merger.

Concern that Chancellor’s plans could harm buy-to-let

Around 1.4 million private landlords across the UK are set to be saddled with additional taxes following an announcement in last month’s Autumn Statement.

The new rules – expected to be introduced in April – will bring in an additional three per cent to stamp duty tax. The levy will be applied to anything that is classed as an “additional property”, including buy-to-let and second homes.

Official figures from the Office for National Statistics (ONS), which were published earlier this year, indicated that more than half of people with a pension pot would rather invest their money in a second property.

But there are concerns that the proposals outlined by George Osborne will harm the buoyant buy-to-let sector.

“It’s tightening the noose around property as an investment class,” said Charles McDowell, a London buying agent, in an interview with the Financial Times.

“Every time we say ‘this has got to be it’, and then [the Chancellor] has another attack.”

Paul Johnson, director of the Institute for Fiscal Studies, was also concerned by the news.

“This is yet another targeted intervention into a housing market that is in dire need of long-term decision-making. The raft of policy changes are incredibly disruptive to market activity and create uncertainty that results in dis-investment.”

At Royds, our residential property team has a wealth of experience handling transactions around London and further afield. For more information on the services we provide, please contact Deborah North or Relf Clark or visit.

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